Raising Capital from Local Sources
ANGEL INVESTING: 49th State Angel Fund
Mission: Deploy capital, support ecosystem, help startups
As Alaska’s entrepreneurship fund, the 49th State Angel Fund’s mission is to:
1. Provide an evergreen source of capital to high-growth businesses to promote entrepreneurship and foster innovation, creating jobs and economic benefit for Anchorage.
2. Strengthen Alaska’s risk capital and entrepreneurial ecosystem.
3. Assist early-stage and disadvantaged businesses.
49SAF was capitalized by a $13.2 million federal allocation from the United States Treasury under the State Small Business Credit Initiative (SSBCI) and the Small Business Jobs Act of 2010. The Anchorage Angel Evergreen Fund was created in 2016 through MOA Ordinance No. 2016-148 for moneys received as a return of principal or return on investment made by 49SAF.
ALASKA ANGEL CONFERENCE
The goal for AAC is to increase the number of angel investors in Alaska’s statewide startup ecosystem by pairing experienced angel investors with novice investors and leading them through a structured 12-week process of identifying, filtering, selecting, and managing a group angel investment. The conference concludes with an event showcasing the finalists and the final investment decision.
EQUITY CROWDFUNDING
Wefunder is a crowdfunding service that connects startups with investors online.
Unaccredited investors are able to purchase equity in early-stage private companies.
It’s free for businesses to start fundraising.
WeFunder charges 7.5% of funds successfully raised.
LOCAL LENDERS
When you work with local lenders, you are working with experts in Alaska and members of the community themselves.
Because they’re smaller and invested in the local area, they function more as partners with small businesses.
Choosing a local lender means money stays rooted in the community and makes it a better place to live.
Local Banks in Alaska
Denali State Bank
119 North Cushman Street
Fairbanks, AK 99701
First Bank
2030 Sea Level Drive Suite 100
Ketchikan AK 99901
First National Bank Alaska
101 West 36th Avenue
Anchorage, AK 99503
Mt McKinley Mutual Savings Bank
500 Fourth Avenue
Fairbanks, AK 99701
45 St. Nicholas Drive
North Pole, AK 99705
Northrim Bank
Midtown Financial Center
3111 C Street
Anchorage, AK 99503
Credit Unions in Alaska
ALPS Federal Credit Union
Sitka Main Office
401 Halibut Point Road
Sitka, AK 99835
Alaska USA Federal Credit Union
Anchorage Main Office
4000 Credit Union Drive
Anchorage, AK 99503
Credit Union 1
Find a Nearby Branch
Denali (a Division of NuVision) Federal Credit Union
Financial Center
440 East 36th Avenue
Anchorage, AK 99503
MAC Federal Credit Union
541 10th Avenue
Fairbanks, AK 99701
Matanuska Valley Federal Credit Union
1020 South Bailey
Palmer, AK 99645
Spirit of Alaska Federal Credit Union
495 Harold Bentley Avenue
Fairbanks, AK 99701
Tongass Federal Credit Union
2000 Tongass Avenue
Ketchikan, AK 99901
True North Federal Credit Union
Anchorage Branch
341 W Tudor Rd Suite
Anchorage, AK 99503
Juneau Main Branch
100 2777 Postal Way
Juneau, AK 99801
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIs)
What are CDFIs?
Community Development Financial Institutions (CDFIs) are specialized community-based financial institutions with a primary mission to promote economic development by providing financial products and services to people and communities underserved by traditional financial institutions, particularly in low-income communities.
CDFIs in Alaska
Alaska Growth Capital BIDCO, Inc., Anchorage
Aleutian Financial, Inc., Wasilla
Coastal Villages Community Development Fund, LLC, Anchorage
Cook Inlet Lending Center, Inc., Anchorage
MAC Federal Credit Union, Fort Wainwright
Tongass Federal Credit Union, Ketchikan
Spruce Root, Southeast Alaska
BUSINESS COMPETITIONS
Idea competitions, pitch competitions, business model competitions, business plan competitions: the competition model takes many forms, and the benefits extend beyond funding. Participants receive exposure, critical review, the opportunity to test their thinking, and networking experience. Competitions take time to prepare for and participate in, often for small amounts of prize money.
ACCELERATORS
An accelerator works with startups for a short and specific amount of time, usually from 90 days to four months. Accelerators also offer startups a specific amount of capital in exchange for capital, guidance, and generally accelerators anywhere from 3 to 8 or more percent ownership of your company.
Launch Alaska works with startups from all over the world, to bring their technologies to Alaska.
INCUBATORS
Incubators focus less on quick growth and have no specific goal in mind for your company other than to become successful at the right pace. Incubators take little to no equity in your company, and can afford to because they do not provide upfront capital like accelerators.
HELPFUL RESOURCES
Alaska Small Business Development Center
The Alaska Small Business Development Center is the go-to resource for small businesses in Alaska that are looking for help with raising capital. Get started now.
